Solana’s value has increased by nearly 9% over the last week, reaching approximately $90 on Thursday and boosting its market cap above $51 billion. The $90 level has repeatedly acted as a significant resistance point since late March, with prior attempts to surpass it losing steam. However, the daily chart indicates that momentum may be tilting in favor of buyers.
The broader crypto market has stabilized recently due to improved geopolitical conditions and lower oil prices, which have revived risk appetite. Bitcoin’s stability above key levels has also reinforced confidence in major altcoins like Solana.
Solana’s price action shows sellers may be losing control near the range top. Unlike earlier rejections, the current consolidation below resistance is tight, suggesting buyers are absorbing selling pressure rather than fleeing. On-chain activity has stabilized, with decentralized application usage no longer declining as sharply. Futures open interest has started recovering after weeks of sluggishness.
On the daily chart, Solana remains in a consolidation pattern after recovering from February lows near $68. It has built a base above $80, which has held for weeks. Currently trading around $89, the token is above its 20-day, 50-day, and 100-day moving averages, which are converging between $85 and $87. Such compression often precedes a strong directional move once price breaks out.
Momentum indicators are improving: the MACD lines are nearing a bullish crossover, which could confirm strengthening buying momentum. The Aroon Up indicator has surged toward 100, while Aroon Down has weakened, indicating buyers are gaining short-term control. Nonetheless, the broader trend remains cautious as Solana trades below its 200-day SMA near $115, suggesting the long-term trend is not yet bullish.
If Solana closes decisively above $90, it could target the next resistance at $97 and then the psychological $100 level. A breakout above $100 would significantly boost bullish sentiment. Conversely, failing to hold above the moving averages near $85 might lead to a retest of support at $80, where buyers have previously stepped in.